Real Estate Blogs That Answer Questions March 31, 2007
Searching for answers to your Real Estate Questions? Here are a few tips to make finding answers a little easier and more productive.
Try to read blogs that are written by real estate professionals who are licensed in your State, or at least in an area with similar agency laws. Instead of Googling all night to find a blog what just happens to go into detail about the topic you want to know more about, find Real Estate Blogs That Answer Questions. Ask a direct question in the comments section of several blogs, and remember to bookmark them to go back and retrieve the answers.
Of course here at Rain City Guide, rarely does a question go unanswered. We are very attentive to comments and try to answer questions best we can. Unfortunately, Real Estate is one of the few professional arenas that does not permit getting second opinions. If your doctor wants to cut something off or out of you, you get to go get a second opinion from another doctor. But Realtors, by their Code of Ethics, are not permitted to give advices if you are the client of another Realtor. So if you ask a question like: “My agent told me this, but I want your opinion”, there’s a strong possibility that the Blogger will not be able to contradict the advices of your agent.
That being said, let’s find some Real Estate Blogs, besides Rain City Guide, that answer real estate questions. If you are in New York City, it is very difficult for you to get info from blogs that are not written by agents who operate there, because NYC is unto itself regarding the rules of play in real estate. Mainly because the contracts and closings are attorney based, they have no MLS system AND they don’t have Buyer Agency. So for New Yorkers, Best Real Estate Blog that answers questions is: Noah Rosenblatt’s Urban Digs (he even has a live chat feature). Curbed is a popular NYC site, but it looks like your questions will be answered by other readers, for the most part. Christine Forgione’s NYHouses4Sale doesn’t seem to get many questions, but I’m pretty sure she’d answer them if she did. So give her a try.
Where are the California Blogs that talk back? You’ve got Kris and Steve Berg down in San Diego. You’ve got Kevin Boer in the Bay Area You would think with a State as big as California, you would have a slew of good blogs. I see a few people blogging away, but they are just blogging at you like a flashing billboard. Luring the search engines and not allowing comments, or just plain old selling and not providing real info. Oh well. Maybe someone out there has some suggestions that will show up in the comments.
Of course Arizona is just crawling with blog talent. You’ve got BloodhoundBlog where you can pick who you want advices from, but if it’s Arizona real estate you want to talk about, I’d be asking Cathleen. Todd Tarson is so up front and out there, he’d probably tell you what color underwear he has on if you asked him. If I had real questions about real estate in Mohave County, Arizona I’d be talking to Todd on his blog.
Charles Turner’s doing a decent job over in Portland. When he gets a comment, he answers honestly and openly. Teresa Boardman’s blog in St. Paul Minnesota is good, but the comments seem to be a bunch of agents talking to agents, and not much from consumers. If you are buying or selling real estate in St. Paul, try asking off topic questions on any of Teresa’s posts. I’m sure you’d get a good answer. Here’s a great blog of bloggers talking to other bloggers. Who is Tom? What does Tom do? I’m stretching a bit with Francis Flynn Thorsen’s Realty Gram, but throw some questions at her and I think the answers would come.
In fact, if you are in a state where there are real estate blogs that aren’t answering consumer issues and questions, I strongly encourage you to just start asking those questions. You can help develop more Real Estate Blogs That Answer Questions, simply by ASKING some questions on any blog that you can find. Maybe they will get the point that “Enquiring Minds Want to Know”.
Sphere: Related ContentTom Kelly & ARDELL on The Real Estate Show
Real Estate Today - This award-winning show focuses on the nuts and bolts of real estate. This call-in program is hosted by nationally syndicated writer Tom Kelly. This week’s topic is Real Estate Blogs with Tom Kelly and ARDELL.
“Real Estate Today” The radio show runs from 11 a.m. to noon, Sundays (Pacific time) and originates from KTTH-AM 770, in Seattle. Please call, toll-free…during that hour at 1-800-465-8770 or 1-866-606-TALK (8255). The show can be heard live on the Internet at http://www.businesstalkradio.net/ I was supposed to get some sample questions a week ahead of time, but nothing yet. Guess I’ll just have to wing it. I expect the focus to be from the consumer viewpoint and national in scope on the topic of Real Estate Blogs. Looks like if you plan to listen on the internet, you simply go to the left hand side of the site where it says “ON AIR” and click on “Listen Live”. If you miss it, looks like it turns into a podcast at some point that you can hear by going to http://www.businesstalkradio.net/weekend_host/Archives/tk.shtml
Sphere: Related Content425 Eastside Magazine March 30, 2007
I picked up a copy of this magazine and it seems to be more ads than info, but then so is Vogue and In Style.
Not exactly new news, as it appears this publication launched back in November. But my sources tell me that people are streaming into Borders in Redmond looking for it, so here’s the online version via the link. I got my copy at the 7 Eleven at 6th and Central/85th in Kirkland, if anyone’s looking for it.
Spring 2007 Edition says “2nd printing”. Anyone know where I can get the first one?
Sphere: Related ContentBelltown-Denny Regrade (or things we couldn’t do today)
If you’ve ever wondered what Seattle looked like right at the beginning, there’s a great short history of Seattle’s Belltown-Denny Regrade at HistoryLink.org. The article describes the massive earth moving project, the resulting fill project, and the city’s first of dozens of voted down mass transit projects (this one in 1912). Check out the original plans for the civic center - amazing!
Mercer Island would have made a beautiful park.
Sphere: Related ContentFriday’s Mortgage Rates
Mortgage rates are slightly up with the PCE Report showing an increase in inflation by 0.3% over February (mortgage bonds react negatively to inflation). The following rates are as of 8:30 a.m. on March 30, 2007 (pst).
The rates below are based on a 680 credit score with 20% down payment, full documentation and are priced with 1 point. For more details on how I priced the following rates, please read my original Friday Rate post.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties)
30 Year Fixed: 5.875% (APR 6.013%). Payment per $1000 = $5.92
30 Year Fixed with 10 Year Interest Only: 6.125% (APR 6.265%). Payment per $1000 = $5.10
7/1 ARM: 5.625% (APR 5.761%). Payment per $1000 = $5.76
5/1 ARM: 5.500% (APR 5.635%). Payment per $1000 = $5.68
5/1 ARM with 10 Year Interest Only: 5.500% (APR 5.635%). Payment per $1000 = $4.58
JUMBO (Non-Conforming) Rates
30 Year Fixed: 6.125% (APR 6.275%). Payment per $1000 = $6.08
30 Year Fixed with interest only payments: 6.125% (APR 6.275%). Payment per $1000 = $5.10
5/1 ARM: 5.875% (APR 6.022%). Payment per $1000 = $5.92
5/1 ARM with 10 Year interest only: 5.875% (APR 6.022%). Payment per $1000 = $4.90
Mortgage rates are still very strong but please do not select your Loan Originator by the interest rate alone. And, most importantly, have a HAPPY FRIDAY! 
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Trends - New Construction & Remodel Finishes March 29, 2007
I view trends more from the standpoint of how people who are buying homes view the trends, moreso than how people who actually live in their homes view them.
“The carpet that “has become extremely popular of the last few years is the Textured or Frieze style. It is also referred to as the ‘trackless’ or ‘no foot print’ style. This style is very good at hiding traffic and doesn’t show vacuum lines. A Frieze is a lot like the Textured style except that the twist is much heaver with the Frieze. A good quality Frieze styled carpet can be one of the most durable styles you can buy and holds up extremely well under heavy traffic.”
I took the quoted language from a carpet site, to show the difference between Texured and Frieze. They look about the same to me. One thing I have noticed is that on bare feet, some feel terrible and stiff and others feel great. You may want to give it a bare foot test both on the carpet sample at the store and then again when the carpet arrives before it is installed. One of the advantages of viewing homes with bare feet and slip on shoes. Doesn’t look as professional I guess, but I pick up a lot more imperfections in the flooring with bare feet.
Along with this trend comes darker carpet colors in sage green and brown tones, or at least a darker beige. No more black dirt borders around the edges. I for one am happy with this trend, but remember to keep the walls light if you are going with darker carpet. You can still use sage green paint with a darker sage carpet, but keep it light with only an accent wall in the darker color and the rest of the room in a lighter version. I find adding white paint to the darker one keeps the same color tone, better than playing with all the paint chips trying to match the light with the dark. From what I’ve seen in some homes, not everyone has a “good eye” for matching tone, so adding white cuts down on the error factor.
Hardwood floors are more popular than ever. People talk more about bamboo for the “green” factor, but I SEE more wood than bamboo. Newer townhomes are using a lot of Brazilian Cherry, shifting from narrow plank to wide plank recently, and in the darker version. I’m looking at the thicker version myself, but the thinner pre-finished version, that can only be refinished lightly once or twice, is what I see most in newer townhomes in Seattle.
My favorite subject is knobs! and handles. And here we see a big change. Nothing changes the look of a kitchen and bath more cheaply than changing out the cabinet hardware.
If you have these white ceramic knobs,
a quick change out to brushed nickel or stainless knobs 
does the trick.
I just sold a condo with the white knobs, and will probably give him all of my brushed nickel knobs, because while I was looking at knobs for this article, I found this great one!! 
Anyone who has been to my house will know why
But the really big news is in the two hole pull vs. the knob.Anyone who has anything that looks like this: 
in gold or brass or even in brushed nickel,
there is a big change to this round extended bar style, either in stainless steel or brushed nickel 
Do YOU have a durable power of attorney?
So, I haven’t been on RCG for a while because I am gone from Seattle to Wichita, KS where I and my siblings are on hospital watch. My parents were hit by a drunk driver on Monday night and so I caught a flight here immediately since both of them were in the hospital with injuries. My dad has a brain injury and has been unconscious for several days now. For anyone that is interested in reading my blogs about the experience feel free to do so at this link: http://blog.myspace.com/teamreba
When I’m working with clients there are always situations that come up where we have to deal with difficult circumstances. My partner, Michael, and I frequently ask our clients if they have a durable power of attorney. Typically we make it for a specific property based on the transaction and usually the title company has to approve the POA to insure the purchase. Sometimes the POA is put in place under in the context of just making sure we are able to get signatures if there is a spouse or partner that travels a lot or an out of country trip is planned that would make it difficult to get notices or addendums signed. I’ve used these when I have siblings in multiple states as well who are buying or selling property.
Thankfully my parents did put together POA’s about 4 years ago. My mother is a REALTOR(R) in Wichita and my dad works with her as a licensed agent. They also own several rental properties and they had just received mutual acceptance on an offer for one the day they got in the accident. My mother is conscious, although on pain medication for her broken bones, and she is aware enough that she knows what is going on and can sign things for herself. However, while I am my dad’s medical POA one of my siblings is his financial POA. I’ll likely have my sister sign for my dad just so there is no question about mental faculties with my mom when the additional paperwork for this transaction is turned in.
It’s been a relief for me (and I think my mom too) to be able to come in and help out with her business while she and dad are in the hospital. I can’t practice real estate agency in Kansas but I have contacted some other agents that know my mom (she’s been an agent 20 years) and they’ll help with any items that require licensing and I’ll be a knowledgeable “gopher”. This also relieves stress from my siblings who may not know what they should do for her contracts and listings. I hadn’t really considered I’d have to help out in this way, but I sure am glad that I can. It helps to also give me something else to think about rather than my dad in ICU.
My comments to all that read RCG is that if you don’t have a durable power of attorney for your personal affairs you really should do it and the sooner the better. You never know when a truck will slam into you and render you unconscious and you’ll need help with your medical and personal affairs such as paying bills. We stress this kind of long term planning to pretty much all of our clients and we host a client event every year that covers things like this to prevent more cases like Terry Schiavo. I hope you’ll consider it and go do it soon yourself.
Sphere: Related ContentUsing fast cars to sell homes
Advice to sellers: Put a Corvette (?) in the listing photo. It will make your property really stand out.
Buyers please be advised: advertised price does not include totally sweet car.
Sphere: Related ContentContent is King!
I have always said content is king, especially in the Web 2.0 world. Without content, you are not only invisible to the ‘net, you are also meaningless. No matter how significant of technology you possess. This was never more apparent then the time we launched our first mapping application a couple generations ago (that is August of ‘05 in Internet time).
A company that will win or loose depending on their content launched Yesterday morning. Melbourne, Australia based company Streetadvisor.com launched their site and lets people comment on, and find information about, streets in their neighborhood.
What a great idea! Since back in the day, I have always wanted to create what I feel would be the perfect real estate site. This site would not only list hosues for sale and sold (like every other site), but would also have neighborhood information. The perfect site would essentially be to houses what vehix is to cars.
StreetAdvisor is the easy way to find out what people REALLY think about the street they live in. They ask many of the questions I would want answered before I moved in to a new neighborhood.
- “If only I knew what my street was like before I bought the house!”
- “I wish there was a way to ask my neighbors a question, but I’m just too busy to see them.”
- “I like my house, but my street is so noisy!”
- “My neighbor’s dog is always barking” (I added that one)
I know Shackprices has something similar to this under their Shack Neighborhoods.
Sphere: Related Content5 Steps for Shopping Mortgage Interest Rates
What? I’m writing about something I don’t agree with in principle? True. I think that many people are spinning their perfectly good wheels in order to try to find a rate they cannot have unless they’re prepared to lock at the precise moment they are shopping. But, the practice of rate shopping and kicking the tires of Loan Originators appears to be a necessary evil in the mortgage process.
Here’s my advice, if you feel you must shop rates.
Step 1: Contact at least three different people you trust financially and ask for referrals. I suggest family members, friends, co-workers, your real estate agent, CPA, Financial Planner, etc. Ask your sources what they liked and did not like about their Loan Originator. Gather their contact information and visit their web sites and blogs, if they have one.
Step 2: Prepare your personal financial story. You’ll need to retell the exact scenario to each Loan Originator so they can each provide you a rate based on the same information. If you just want to see how skinny someone will quote a rate to you, you can make up a vanilla story of “I’m putting 20% down on a $500,000 house. My mid credit score is 700 and I would like a 30 year fixed rate with no origination or discount points, please. I would like the loan priced with a 30 day lock”.
Or if you want something more tailored to your situation, you need to pull your credit and get your credit score (there will be a small fee to obtain your credit score). Then you can fill in the blanks when you make your phone calls:
“Hi, I’m putting ___ % down on a house with a sales price of $___________. My credit score is around ______. I would like this type of mortgage program ___________ and priced (with/without) a discount/origination point. The lock needs to be for (30/45/60, etc) days.”
Step 3: Pour yourself a nice cup of fresh coffee and block out 30 – 60 minutes of your time. You must ask for rates at the same date and time in order to attempt to compare apples to apples. Rates change just like the stock market. They may actually adjust 2-3 times a day. So if you call one person Monday morning and another Tuesday afternoon to compare rates, your data is out dated and it’s not a true comparison. Make yourself comfy and eliminate interruptions so you can get this task done at once.
Step 4: Dialing for dollars! Once you reach the LO, it’s always nice to let them know who referred you to them, then go into your script. Go ahead and let them know that you’re comparing rates at this time and that you do not want your credit pulled until you decide which lender you’re going to work with. (Some LO’s will encourage you to go ahead and allow each LO to pull your credit since it should not ding your credit score. Maybe I’m odd, but…if it was me shopping in your shoes, I wouldn’t want three different people with my credit report in their hands).
Don’t forget to ask the LO to email or fax the Good Faith Estimate and Federal Truth in Lending to you as soon as possible (this means you will need to provide them with your email or fax information). Ask the LO if they guarantee their closing costs. Let them know you like to bring your GFE to your closing appointments to compare it the estimated HUD-1 Settlement statement.
Step 5: Review the good faith estimates. (Are we having fun yet?) Lines 800 – 823 are the closing costs associated with the rate. If your transaction is a purchase, there are also title and escrow charges (these charges exist with a refinance as well). The title and escrow fees (section 1100) on the good faith estimate are just that, an estimate since the companies who will be providing that service will be set forth on the purchase and sale agreement. You do not need to shop by what the lender is showing for reserves (prepaid interest, taxes and insurance). These are not closing costs and the amounts of reserves are set based on when your first mortgage payment will be due. Some loan originators might reduce the amount of prorated interest to try to make their closing costs look less. (Unless I know when you’re closing, I show 15 days of prorated interest on my good faith estimates. I’d rather be higher with my estimates to start with and have you happy with me at closing). Again, you’re really most interested in comparing the cost show on lines 800 – 823 in relationship to the interest rate (not the APR) on the Good Faith Estimate. When I’m working with a “rate shopper” I’m happy to help review the good faith estimates (in fact, if I’m being shopped, I’d rather just have the other estimates faxed or emailed to me and I’ll confirm if I can better the rate or closing costs).
That’s not so bad, is it? Except that unless you’re locking in your rate that day, you’ve just shopped for something you don’t have. At the very least, this could be an exercise in getting to know three different loan originators and deciding which person and style you like the best. You’ve all ready received their names from other people you trust and respect. You still need to select a Mortgage Professional to guide you through the ins and outs of financing your home purchase.
There is more to selecting a Mortgage Professional than just the interest rate. The lowest rate with wrong strategy is the most expensive option possible. And, you just might get what you paid for.
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